WTM Files 8-K on Financial Condition, Operations

TL;DR

**WTM just dropped an 8-K on financial results, get ready for potential stock movement.**

AI Summary

White Mountains Insurance Group, Ltd. (WTM) filed an 8-K on February 7, 2024, to report on its 'Results of Operations and Financial Condition' and 'Financial Statements and Exhibits'. This filing indicates that the company is providing an update on its financial performance and condition, likely ahead of a more detailed earnings report. For investors, this matters because it signals that new financial information is being made public, which could influence the stock price as the market digests the company's latest performance metrics.

Why It Matters

This filing signals that White Mountains Insurance Group, Ltd. is releasing new financial information, which is crucial for investors to assess the company's health and future prospects.

Risk Assessment

Risk Level: low — This 8-K is a routine disclosure of financial information, not indicating any immediate adverse events or significant changes in company strategy.

Analyst Insight

Investors should look for the full financial statements and results of operations that this 8-K refers to, as they will contain the specific data points that could impact the stock price of White Mountains Insurance Group, Ltd.

Key Numbers

• $1.00 — Par value per share (Par value of White Mountains Insurance Group, Ltd.'s Common Shares)

Key Players & Entities

• WHITE MOUNTAINS INSURANCE GROUP, LTD. (company) — the registrant filing the 8-K
• New York Stock Exchange (company) — where WTM's Common Shares are registered
• Bermuda Stock Exchange (company) — where WTM.BH is registered
• February 7, 2024 (date) — date of the earliest event reported and filing date
• $1.00 (dollar_amount) — par value per share of Common Shares

Forward-Looking Statements

• White Mountains Insurance Group, Ltd. will release a detailed earnings report shortly after this 8-K filing. (WHITE MOUNTAINS INSURANCE GROUP, LTD.) — high confidence, target: 2024-02-29

FAQ

Key Financial Figures

• $1.00 — ch registered Common Shares, par value $1.00 per share WTM New York Stock Exchange
• $195 m — net of deferred acquisition costs, was $195 million, $187 million, $179 million and $
• $187 m — ed acquisition costs, was $195 million, $187 million, $179 million and $172 million as
• $179 million — costs, was $195 million, $187 million, $179 million and $172 million as of December 31, 202
• $172 million — million, $187 million, $179 million and $172 million as of December 31, 2023, September 30,
• $91 m — n 8% discount rate, was estimated to be $91 million, $93 million, $98 million and $11
• $93 m — rate, was estimated to be $91 million, $93 million, $98 million and $114 million les
• $98 million — timated to be $91 million, $93 million, $98 million and $114 million less than the nominal
• $114 million — 1 million, $93 million, $98 million and $114 million less than the nominal GAAP carrying val

Filing Documents

• wtm-20240207.htm (8-K) — 47KB
• wtmq42023earningsrelease.htm (EX-99.1) — 819KB
• image1.jpg (GRAPHIC) — 64KB
• 0000776867-24-000003.txt ( ) — 1129KB
• wtm-20240207.xsd (EX-101.SCH) — 2KB
• wtm-20240207_lab.xml (EX-101.LAB) — 23KB
• wtm-20240207_pre.xml (EX-101.PRE) — 12KB
• wtm-20240207_htm.xml (XML) — 3KB

02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On February 7, 2024, White Mountains Insurance Group, Ltd. issued a press release announcing its results for the year ended December 31, 2023. The press release furnished herewith is attached as Exhibit 99.1 to this Form 8-K. Certain information included in the press release constitutes non-GAAP financial measures (as defined in Regulation G of the Securities and Exchange Commission). Specifically, there are eight non-GAAP financial measures: (i) adjusted book value per share, (ii) Kudu's EBITDA, (iii) Kudu's adjusted EBITDA, (iv) Kudu's annualized adjusted EBITDA, (v) Kudu's annualized revenue, (vi) Kudu's cash revenue yield, (vii) total consolidated portfolio return excluding MediaAlpha and (viii) total equity portfolio return excluding MediaAlpha. These non-GAAP financial measures have been reconciled from their most comparable GAAP financial measures. Adjusted book value per share is a non-GAAP financial measure which is derived by adjusting (i) the GAAP book value per share numerator and (ii) the common shares outstanding denominator, as described below. The GAAP book value per share numerator is adjusted (i) to add back the unearned premium reserve, net of deferred acquisition costs, at HG Global and (ii) to include a discount for the time value of money arising from the modeled timing of cash payments of principal and interest on the BAM surplus notes. The value of HG Global's unearned premium reserve, net of deferred acquisition costs, was $195 million, $187 million, $179 million and $172 million as of December 31, 2023, September 30, 2023, December 31, 2022 and September 30, 2022, respectively. Under GAAP, White Mountains is required to carry the BAM surplus notes, including accrued interest, at nominal value with no consideration for time value of money. Based on a debt service model that forecasts operating results for BAM through maturity of the surplus notes, the present value of the BAM surp

01. FINANCIAL STATEMENTS AND EXHIBITS

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS. (d) Exhibits 99.1 Press Release of White Mountains Insurance Group, Ltd. dated February 7 , 202 4 , furnished herewith.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. WHITE MOUNTAINS INSURANCE GROUP, LTD. February 7, 2024 By: /s/ MICHAELA J. HILDRETH Michaela J. Hildreth Managing Director and Chief Accounting Officer 4

View Full Filing

View this 8-K filing on SEC EDGAR